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Economic Growth, Employmentand the Crisis in Europe

Author

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  • Cristina Daniela Sacala (Radu)

    (Academia de Studii Economice, Bucuresti)

Abstract

Romania recorded in the second quarter of 2014 a decline in gross domestic product (GDP) within the 28 European Union countries (EU) of 1% compared to the first quarter of 2014, and the only economies with negative developments were Germany, Italy and Cyprus. Estimates of GDP for the first quarter were revised down from the previous quarter growth of 0.2% to a decrease of 0.2%. Romania was in technical recession (two consecutive quarters of decline in GDP compared with the previous quarter) for two and half years 2008-2011 and back in technical recession in early 2012, and managed to return to growth by the end of that year. EUROSTAT data shows that the economies of Germany and Italy were contracted in the second quarter of this year by 0.2% and by 0.3% in Cyprus. In this context, the article proposes an analysis of the influence of the inflation rate and employment rate of labor force on GDP for EU countries and for Romania as an European Union member country.

Suggested Citation

  • Cristina Daniela Sacala (Radu), 2015. "Economic Growth, Employmentand the Crisis in Europe," Romanian Statistical Review Supplement, Romanian Statistical Review, vol. 63(3), pages 9-14, March.
    • Handle: RePEc:rsr:supplm:v:63:y:2015:i:3:p:9-14
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